PayPal will suspend cryptocurrency purchases in the UK from October and is expected to resume early next year

Odaily Planet Daily News PayPal stated in an email sent to some users on August 14 that due to the introduction of new rules by the UK Financial Conduct Authority (FCA), PayPal will temporarily stop encryption in the UK from October 1, 2023 Currency purchase service and will resume in early 2024 on an undisclosed date. PayPal did not specify which rules were involved, but said they would require it to "implement additional steps before customers can purchase cryptocurrencies." While it won't be possible to buy cryptocurrencies, PayPal said users will be able to hold and sell their cryptocurrencies during the outage. PayPal did not say whether users will be able to transfer cryptocurrencies to other wallets and exchanges, but it appears that this feature is only available to users in the United States. PayPal assured users that its cryptocurrencies remained safe and said there would be no fees for holding them. It is reported that the UK will start implementing the cryptocurrency Travel Rule in September 2023, requiring cryptocurrency companies to collect information about parties involved in transactions, although the September deadline for the rule seems to be inconsistent with PayPal's October service changes. The FCA also recently introduced new crypto advertising promotion rules aimed at controlling how cryptocurrencies are promoted or advertised to potential investors, which came into effect in October. (Cryptoslate)